After passing the top of wave 5 (9964$) - shortly before touching the swing trend line - BTC has entered now a corrective wave A.
This wave could go to fib retracement 23.6% (9195$) before turning into wave B.
I drew the top of B on the swing trend level (9667$) - this was also the top of the motive wave III (april 25).
Then BTC would turn into wave C leading to around 8.600$ (target zone blue marked).
In the bigger picture one can see a possible neutral parallel channel - with BTC testing the upper and the lower limits (grey).
After this correction BTC should rise again through the channel and testing the upper side at about 9.800$ - and with enough momentum continue to the swing trend line at about 10.050$.
Stop:
If BTC breaks support at ~8.300$ and falls beneath, then this projection would be false.
This is no trading advice.!
This wave could go to fib retracement 23.6% (9195$) before turning into wave B.
I drew the top of B on the swing trend level (9667$) - this was also the top of the motive wave III (april 25).
Then BTC would turn into wave C leading to around 8.600$ (target zone blue marked).
In the bigger picture one can see a possible neutral parallel channel - with BTC testing the upper and the lower limits (grey).
After this correction BTC should rise again through the channel and testing the upper side at about 9.800$ - and with enough momentum continue to the swing trend line at about 10.050$.
Stop:
If BTC breaks support at ~8.300$ and falls beneath, then this projection would be false.
This is no trading advice.!
Trade active:
Comment:
Perhaps wave B will be a short wave!
Trade active:
Comment:
Yes! - wave B wast short and it seems we´re already in wave C.
the first support will be the swing trend line at 8.880$, which has been the lower limit of the trend channel
the second support will be the swing trend line at 8.630$, which has been the turning level of wave IV
the first support will be the swing trend line at 8.880$, which has been the lower limit of the trend channel
the second support will be the swing trend line at 8.630$, which has been the turning level of wave IV
Trade active:
Comment:
BTC falls within a negative trend channel. The first turning point A has been the crossing between the fib retracement and the channel (nearly). The second turning point B was the upside of the trend channel.
Where could be the third turning point C? I suggest it might be the crossing between the channel and the swing trend line.
But RSI shows some positive signs. MACD is in bearish zone - but could turn now.
Have we already seen the turning point and BTC will rise from this level? That´s possible. But to be sure one should wait with the investment until the trend channel is left to the upside and the resistance at 9200$ is broken.
Where could be the third turning point C? I suggest it might be the crossing between the channel and the swing trend line.
But RSI shows some positive signs. MACD is in bearish zone - but could turn now.
Have we already seen the turning point and BTC will rise from this level? That´s possible. But to be sure one should wait with the investment until the trend channel is left to the upside and the resistance at 9200$ is broken.
Trade closed: target reached